Cocoa Hits 7-Month High on West Africa Crop Prospects Souring
Cocoa futures hit the highest level in over seven months as West Africa’s production prospects dim, threatening global supplies at a time of historically low inventories.
The most-active contract rose as much as 5.4% to $10,380 a ton, the highest since April 29. Futures have rallied back to the highs witnessed earlier this year following harsh weather in top growers Ivory Coast and Ghana.
“The outlook for the mid-crops have deteriorated in the past weeks,” Steve Wateridge, head of research at TRS by Expana. “The weather conditions in next three months will determine whether we see further deterioration.”
The key growing regions in West Africa have entered the seasonal dry Harmattan period which can dry out the soil and stress crops. Lower soil moisture and minimal rains will not support mid-year crop growth, according to weather forecaster Maxar Technologies Inc.
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